[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 665 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. RES. 665
Providing for consideration of the bill (H.R. 1908) to prohibit stock
trading and ownership by Members of Congress and their spouses and
dependent children, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
August 29, 2025
Mrs. Luna submitted the following resolution; which was referred to the
Committee on Rules
_______________________________________________________________________
RESOLUTION
Providing for consideration of the bill (H.R. 1908) to prohibit stock
trading and ownership by Members of Congress and their spouses and
dependent children, and for other purposes.
Resolved, That immediately upon adoption of this resolution, the
House shall proceed to the consideration in the House of the bill (H.R.
1908) to prohibit stock trading and ownership by Members of Congress
and their spouses and dependent children, and for other purposes. All
points of order against consideration of the bill are waived. The
amendment specified in section 3 of this resolution shall be considered
as adopted. The bill, as amended, shall be considered as read. All
points of order against provisions in the bill, as amended, are waived.
The previous question shall be considered as ordered on the bill, as
amended, and on any further amendment thereto, to final passage without
intervening motion except: (1) one hour of debate equally divided and
controlled by the chair and ranking minority member of the Committee on
Financial Services; and (2) one motion to recommit.
Sec. 2. Clause 1(c) of rule XIX shall not apply to the
consideration of H.R. 1908.
Sec. 3. The amendment specified in this section is as follows.
Strike section 1 and all that follows and insert the following:
``SECTION 1. SHORT TITLE.
``This Act may be cited as the `End Congressional Stock Trading
Act'.
``SEC. 2. BAR ON STOCK TRADING AND OWNERSHIP BY MEMBERS OF CONGRESS AND
THEIR SPOUSES AND DEPENDENT CHILDREN.
``(a) Definitions.--In this section:
``(1) Commodity.--The term `commodity' has the meaning
given that term in section 1a of the Commodity Exchange Act (7
U.S.C. 1a).
``(2) Dependent child.--The term `dependent child' has the
meaning given that term in section 13101 of title 5, United
States Code.
``(3) Diversified.--The term `diversified', with respect to
an investment fund, means that the investment fund does not
have a stated policy of overly concentrating its investments.
``(4) Member of congress.--The term `Member of Congress'
has the meaning given that term in section 13101 of title 5,
United States Code.
``(5) Qualified blind trust.--The term `qualified blind
trust' has the meaning given that term in section 13104(f)(3)
of title 5, United States Code.
``(6) Security.--The term `security' has the meaning given
that term in section 3(a) of Securities Exchange Act of 1934
(15 U.S.C. 78c(a)).
``(7) Small business concern.--The term `small business
concern' has the meaning given that term under section 3 of the
Small Business Act (15 U.S.C. 632).
``(8) Widely held investment fund.--The term `widely held
investment fund' means a widely held investment fund described
in 13104(f)(8) of title 5, United States Code.
``(b) Divestment.--
``(1) In general.--A Member of Congress or a spouse or
dependent child of a Member of Congress may not own an interest
in or trade (except as a divestment) any stock, bond,
commodity, future, or other form of security, including an
interest in a hedge fund, a derivative, option, or other
complex investment vehicle.
``(2) Implementation.--
``(A) Current members.--
``(i) In general.--Except as provided in
clause (ii), an individual who is a Member of
Congress or a spouse or dependent child of a
Member of Congress on the date of enactment of
this Act shall complete the divestment of any
asset described in paragraph (1) by not later
than 180 days after the date of enactment of
this Act.
``(ii) Certain assets.--For an asset
described in paragraph (1) that is an interest
in a hedge fund, venture capital fund, or other
privately held complex investment vehicle, an
individual who is a Member of Congress or a
spouse or dependent child of a Member of
Congress on the date of enactment of this Act
shall complete the divestment of the asset by
not later than 2 years after the date of
enactment of this Act.
``(B) New members.--
``(i) In general.--Except as provided in
clause (ii), an individual who becomes a Member
of Congress or a spouse or dependent child of a
Member of Congress after the date of enactment
of this Act shall complete the divestment of
any asset described in paragraph (1) by not
later than 180 days after the date on which the
individual becomes a Member of Congress or a
spouse or dependent child of a Member of
Congress.
``(ii) Certain assets.--For an asset
described in paragraph (1) that is an interest
in a hedge fund, venture capital fund, or other
privately held complex investment vehicle, an
individual who becomes a Member of Congress or
a spouse or dependent child of a Member of
Congress after the date of enactment of this
Act shall complete the divestment of the asset
by not later than 2 years after the date on
which the individual becomes a Member of
Congress or a spouse or dependent child of a
Member of Congress.
``(C) Divestment of assets received while a
member.--An individual serving as a Member of Congress
or a spouse or dependent child of an individual serving
as a Member of Congress who receives any asset
described in paragraph (1) during the period of such
service, such as from an inheritance, shall complete
the divestment of the asset by not later than 180 days
after the date on which the individual receives the
asset.
``(c) Exceptions.--Nothing in this section shall be construed to
prevent--
``(1) a Member of Congress or a spouse or dependent child
of a Member of Congress from owning or trading--
``(A) a widely held investment fund, if the widely
held investment fund--
``(i) does not present a conflict of
interest; and
``(ii) is diversified;
``(B) shares of Settlement Common Stock issued
under section 7(g)(1)(A) of the Alaska Native Claims
Settlement Act (43 U.S.C. 1606(g)(1)(A));
``(C) shares of Settlement Common Stock, as defined
in section 3 of the Alaska Native Claims Settlement Act
(43 U.S.C. 1602);
``(D) a United States Treasury bill, note, or bond;
``(E) an investment fund held in a Federal, State,
or local government employee retirement plan;
``(F) an interest in a small business concern, if
the small business concern does not present a conflict
of interest; or
``(G) any asset described in subsection (b)(1)
received as compensation from the primary occupation of
the spouse;
``(2) a spouse or dependent child of a Member of Congress
from trading any asset described in subsection (b)(1) that is
not owned by the spouse or Member of Congress in the course of
performing the primary occupation of the spouse; or
``(3) a Member of Congress or a spouse or dependent child
of a Member of Congress from holding any stock, bond,
commodity, future, or other form of security in a qualified
blind trust operated on behalf of, or for the benefit of, the
Member or the spouse or dependent child of the Member.
``(d) Civil Fines.--
``(1) In general.--The Attorney General or the Special
Counsel may bring a civil action in the appropriate United
States district court against any Member of Congress or spouse
or dependent child of a Member of Congress who engages in
conduct constituting a violation of this section and, upon
proof of such conduct by a preponderance of the evidence, such
Member of Congress or spouse or dependent child of such Member
of Congress shall be subject to a civil penalty of not more
than $100,000 for each violation or 10 percent of the most
recent combined value of each stock, bond, commodity, future,
or other form of security involved (whichever is greater). The
imposition of a civil penalty under this subsection does not
preclude any other criminal or civil statutory, common law, or
administrative remedy, which is available by law to the United
States or any other person.
``(2) Prohibiting use of office funds.--A Member of
Congress may not use funds made available from the Members'
Representational Allowance (in the case of a Representative in,
or Delegate or Resident Commissioner to, the Congress) or the
Senators' Official Personnel and Office Expense Account (in the
case of a Senator) to pay a penalty imposed under paragraph
(1).
``(3) Prohibiting use of campaign funds.--Section 313(b) of
the Federal Election Campaign Act of 1971 (52 U.S.C. 30114(b))
is amended by adding at the end the following new paragraph:
```(3) Prohibiting use to pay certain penalties.--A
contribution or a donation described in subsection (a) may not
be used to pay a penalty imposed under section 2(d)(1) of the
End Congressional Stock Trading Act.'.
``(e) Nonrecognition of Gain.--
``(1) In general.--Paragraph (1) of section 1043(b) of the
Internal Revenue Code of 1986 is amended--
``(A) by striking `and' at the end of subparagraph
(A);
``(B) by redesignating subparagraph (B) as
subparagraph (C);
``(C) by inserting after subparagraph (A) the
following new subparagraph:
```(B) any Member of Congress or any spouse or
dependent child of a Member of Congress, but only with
respect to a divestment of property required by the End
Congressional Stock Trading Act and only if, not later
than 60 days after the divestment of such property, the
individual uses the proceeds of the divestment to
obtain property which the individual is authorized to
own or trade under section 2(c)(1) of such Act, and';
and
``(D) by striking `subparagraph (A)' in
subparagraph (C), as so redesignated, and inserting
`subparagraph (A) or (B), whichever is applicable'.
``(2) Certificate of divestiture.--Subparagraph (B) of
section 1043(b)(2) of such Code is amended--
``(A) by striking `or by' and inserting `by'; and
``(B) by inserting `, or by the applicable
congressional ethics committee, as defined in section
13101 of title 5, United States Code, in the case of
Members of Congress and spouses and dependent children
of Members of Congress,' after `judicial officers'.
``(3) No effect on subsequent sale of property.--Nothing in
the amendments made by this subsection shall be construed to
provide for the nonrecognition of gain with respect to the sale
of property obtained by a Member of Congress or any spouse or
dependent child of a Member of Congress with the proceeds of a
divestment required by this Act, as described in section
1043(b)(1)(B) of the Internal Revenue Code of 1986 (as added by
this subsection).
``(4) Effective date.--The amendments made by this
subsection shall apply to sales of property after the date of
the enactment of this Act.
``(f) Interpretive Guidance.--The Select Committee on Ethics of the
Senate and the Committee on Ethics of the House of Representatives
shall issue interpretive guidance regarding relevant terms not defined
in this Act or elsewhere in statute.
``SEC. 3. ANNUAL CERTIFICATION OF COMPLIANCE.
``(a) Certification.--
``(1) In general.--Except as provided in paragraph (2), not
later than 60 days after the beginning of any session of
Congress, each Member of Congress shall submit to the
applicable official a written certification that the Member and
the Member's spouse are in compliance with the requirements of
this Act.
``(2) Special rule for first session after enactment.--In
the case of the first session of Congress which begins after
the date of the enactment of this Act, paragraph (1) shall
apply as if the reference to `60 days' was a reference to `180
days'.
``(b) Publication.--The applicable official shall publish the
certifications submitted to the applicable official under paragraph (1)
on a publicly available website.
``(c) Use of Certifications for Audits by Internal Revenue
Service.--Upon receiving a certification under subsection (a), the
applicable official shall transmit the certification to the Secretary
of the Treasury, who shall carry out such actions, including audits and
investigations, as the Secretary determines appropriate to ensure the
accuracy of the certification.
``(d) Applicable Official Defined.--In this section, the term
`applicable official' means--
``(1) the Clerk of the House of Representatives (in the
case of a Representative in, or Delegate or Resident
Commissioner to, the Congress or the spouse of a Representative
in, or Delegate or Resident Commissioner to, the Congress); or
``(2) the Secretary of the Senate (in the case of a Senator
and the spouse of a Senator).''.
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